China Out of Money, Forced Social Security, Bosses Run, Workers in Panic,Largest Unemployment Crisis
China Out of Money, Forced Social Security, Bosses Run, Workers in Panic,Largest Unemployment Crisis
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Some analysts in China say this could lead to a significant increase in business costs. Small and medium-sized enterprises could face a rise in social security expenses by over 30%, causing many to shut down. Some businesses might turn to outsourcing, short-term contracts, or rehire retired workers (who don’t need to pay social security), which could reduce employment opportunities for younger workers.
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